Harmonized code or HS Code can be an inevitable aspect of the import export dealings. It is a unique numerical code allotted to various products and commodities required while shipping from nation to another. Its used to describe particular goods your past import export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained by the Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import procedure. It is an eight digit code that has been developed at par with the international coding system to suit the requirements of the international trading community of the country. The code is basically, a good ID assigned using a particular trading product, which is simply by more than 200 countries across entire world.
DGFT India in the governing authority that attends to the changes or formulation or addition of new codes regarding existing harmonized code guidelines. The authority performs periodical activities like commodity description, weeding the actual defunct codes, addition of recent codes, change of product description etc. It maintains the harmonized code list, may a collection of such codes classified under 21 pieces. The 21 sections include Animals & Animal Products; Vegetable Products; Animal or Vegetable Fats; Prepared Foodstuffs; Mineral Products; Chemical Products; Plastics & Rubber; Hides & Skins; Wood & Wood Products; Wood Pulp Products; Textiles & Textile Articles; Footwear, Headgear; Articles Of Stone, Plaster, Cement, Asbestos; Pearls, Precious Or Semi-Precious Stones, Metals; Base Metals & Articles Thereof; Machinery & Mechanical Appliances; Transportation Equipment; Instruments – Measuring, Musical; Arms & Ammunition; Miscellaneous; and Works Of Art. Both these 21 sections is further broken into 98 sections. The chapters are further split into sub-headings under which particular HS Codes to target other products are mentioned.
Every trader dealing in international market has to mention the particular code involving his product in all of the forms and also important paperwork that end up being filled up at the time of export Import Export Code Online Registration India. All the attached activities like customs duty or excise duty or drawback rates or even exemption of commodities, are performed in reference to the code mentioned in the papers. Hence one can tell that these codes are mandatory while dealing in foreign return. If the HS tariff list was not available, end up being have been very troublesome for participants to investigation for a particular segment of items. The list presents the whole of the product coding with amount of categories, simplifying the procedure of importers and exporters. You could access this code list over the world wide web with the online data businesses like Infodrive Sweden. Besides providing a detailed HS tariff list, organization has also provided an inside search box for searching the codes of particular goods simply by entering the product’s names.